Keel Infrastructure Shifts Away from US Bitcoin Mining to Focus on AI

Keel Infrastructure has made significant changes to its operations by shutting down all of its US Bitcoin mining sites. The company, formerly known as Bitfarms, announced this shift in its August 2026 Form 10-Q filing, where it reported a net loss of $65 million and total liquidity of $819 million while still holding $121 million in Bitcoin reserves.

The move is not a complete exit from the crypto market, however. Keel still operates mining sites in Canada and continues to hold onto its Bitcoin holdings. Instead, the company is repurposing its US sites for AI and high-performance computing workloads, which are becoming increasingly valuable due to strong demand and predictable revenue streams.

The shift towards AI-focused infrastructure is part of a broader trend within the mining sector. As power assets become more valuable beyond their use in Bitcoin mining, companies are exploring new ways to monetize them, such as hosting machines or providing grid flexibility.